Investor pointed to favorable time to buy BTC before growth

Investor and cryptanalyst Rekt Capital believes that the price of Bitcoin (BTC) could drop to $37,000 shortly.

According to the expert, the fall of BTC by more than $5,000 from the current level can be considered a healthy recovery. He recalled that the first cryptocurrency has experienced similar price movements, and such patterns have historically contributed to the overall health of the cryptocurrency market.

Additionally, as the BTC halving approaches, any deeper corrections during this period could provide investors with excellent bargaining opportunities.

#BTC

New Monthly Close is in

The last two times Bitcoin retested ~$41000 (blue) as support, price produced volatile retests

The retests saw downside wicks go to as low as the ~$37000 region

History suggests any dip into ~$37000 would be healthy$BTC #Crypto #Bitcoin pic.twitter.com/AVBF7WYAYL

— Rekt Capital (@rektcapital) January 1, 2024

Currently, the price of BTC is at $42,500. Over the past year, the first cryptocurrency has risen by almost 160%, from a price of $16,600 at the beginning of last year. However, Bitcoin has not shown significant price changes over the past month.

QCP Capital analysts also spoke about the fall in the Bitcoin rate in January. According to them, launching the first spot Bitcoin exchange-traded fund (ETF) is less than three weeks away. Its approval could be announced at the close of trading on Jan. 5 or between Jan. 8 and Jan. 10, 2024.

Companies such as Bitwise, Valkyrie, Fidelity Investments, ARK Invest, Grayscale, and others are also awaiting approval of applications for spot Bitcoin ETFs from the Securities and Exchange Commission. The deadline for the regulator to make a decision on applications for Bitcoin ETFs is set for January.

You might also like: Cathie Wood hints at spot Bitcoin ETF approval date

Source